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Stock Option and Grant Plan (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Estimate Fair Value of Stock Option Awards on Grant Date

The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Grant price

 

$

20.29

 

 

$

7.69

 

Risk-free interest rate

 

 

1.97

%

 

 

1.01

%

Expected term (in years)

 

 

6.07

 

 

 

5.73

 

Expected volatility

 

 

88.75

%

 

 

81.61

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

Summary of Stock Option Activity the year ended December 31, 2022, is as follows:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2021

 

 

5,339,011

 

 

$

5.54

 

 

 

8.7

 

 

$

15,627

 

Granted

 

 

4,237,720

 

 

$

20.29

 

 

 

 

 

 

 

Exercised

 

 

(950,013

)

 

$

2.33

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(145,768

)

 

$

10.98

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

8,480,950

 

 

$

13.19

 

 

 

8.2

 

 

$

201,765

 

Exercisable at December 31, 2022

 

 

2,055,416

 

 

$

6.03

 

 

 

7.0

 

 

$

63,408

 

Unvested at December 31, 2022

 

 

6,425,534

 

 

$

15.47

 

 

 

8.6

 

 

$

138,357

 

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the year ended December 31, 2022, is as follows:

 

 

 

Number of shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested as of December 31, 2021

 

 

 

 

$

 

Granted

 

 

752,613

 

 

$

19.98

 

Vested

 

 

 

 

$

 

Forfeited

 

 

(12,316

)

 

$

17.82

 

Nonvested as of December 31, 2022

 

 

740,297

 

 

$

20.02

 

Summary of Stock-Based Compensation Expense The Company recorded stock-based compensation expense in the following expense categories of its statements of operations:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Research and development expenses

 

$

5,639

 

 

$

888

 

Selling, general and administrative expenses

 

 

16,075

 

 

 

2,248

 

Total stock-based compensation

 

$

21,714

 

 

$

3,136

 

Summary of Stock-Based Compensation by Type of Award

The following table summarizes stock-based compensation by type of award:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Stock options

 

$

18,844

 

 

$

3,136

 

Restricted stock units

 

 

2,870

 

 

 

 

Total stock-based compensation expense

 

$

21,714

 

 

$

3,136

 

Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period

The following table summarizes unrecognized stock-based compensation expense as of December 31, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.

 

 

 

As of December 31, 2022

 

 

 

Unrecognized Expense

 

 

Weighted-average Recognition Period

 

 

 

(in thousands)

 

 

(in years)

 

Stock options

 

$

61,049

 

 

 

2.79

 

Restricted stock units

 

$

11,950

 

 

 

3.25